The survey commissioned by life insurance and pensions provider Royal London Ireland found that only 5pc overall strongly oppose the family home being removed from inheritance tax bands.
The research, commissioned by the insurer and carried out by iReach among 1,000 adults nationwide, found that 83pc of adults in Ireland are in favour of inheritance tax relief for the family home.
It found that 58pc strongly support removing the family home from inheritance tax thresholds.
Royal London Ireland said that ahead of the budget next Tuesday, the survey shows overwhelming public appetite for change in inheritance tax rules.
Children can inherit a home or other valuables worth up to €400,000 before paying tax. After that, the Capital Acquisitions Tax is 33pc.
Children can inherit a home or other valuables worth up to €400,000 before paying tax. Stock image
Today’s News in 90 Seconds – October 2nd
Proposition director at Royal London Ireland, Joe Charles said: “The appetite for change is clear.
“These results show just how strongly people feel about easing the burden of inheritance tax on the family home.”
Additionally, it’s security for the next generation
He said that for most people, a family home is not just an asset, it is where they have grown up and where they may continue to visit regularly with their own children to see grandparents.
“Additionally, it’s security for the next generation, whether it be to potentially move in to or sell to buy their own home,” Mr Charles said.
“It’s clear from these research findings that many people believe the current inheritance tax system risks putting that in jeopardy.”
The survey also found that a large number of respondents believe there should be some restrictions on what people can inherit tax-free.
Mr Charles said this meant that people support reform, but they also expect it to be fair.
Experts at Royal London Ireland reported that despite strong views on family- home relief, many are still unclear about the basics of inheritance tax.
The survey found that 43pc correctly identify the €400,000 threshold for children.
Others significantly overestimated or underestimated the tax-free threshold.
These misunderstandings could mean people aren’t properly prepared
Across the age groups, those aged over 55 were the most likely to be informed, with 55pc identifying the €400,000 threshold correctly.
Royal London Ireland said this is likely due to greater experience with estate planning.
This compares to 26pc of respondents aged 18-24.
“These misunderstandings could mean people aren’t properly prepared for the impact of inheritance tax or may even face unexpected tax bills down the line,” Mr Charles said.
The current rate of Capital Acquisitions Tax on inheritance has remained at 33pc since 2012. The thresholds have fluctuated significantly, especially in the years following the financial crisis.
The Royal London Ireland research highlights a disconnect between public expectations and awareness of inheritance tax rules.
While most people back exemptions for the family home, confusion over tax thresholds are also evident.
Mr Charles said that with the average price of a house well over €400,000 in Dublin, even widening the inheritance tax bands would be a pragmatic move, if not introducing a full exemption for family homes.